Posted on 02/07/2006 11:12:33 AM PST by ex-Texan
Gee how terrible of us to expect people to actually pay their bills. How utterly predatory of us.
Click on the Yada, yada link, help ex-Texan pay his bills. You think this much whining comes for free?
Thankfully ...
Too many people paying too much for their homes...end of story.
While I agree, I certainly condemn the granting of mortgages to individuals with no real chance of ever being able to pay off their mortgages! Lenders (with guv'mint blessings) have financed homes at 125% of value with "Teaser Rates" for the first year or so! This sort of scheme only works for the duration of the value bubble then..., the "homeowner" walks away leaving the TAXPAYERS to ultimately "pick up the tab"!
I see numerous "bargains" in housing on the horizon at some point! I've been in these cycles before (unfortunately trying to relocate after a "burst bubble"). It ain't pretty but someone always wins by picking up the pieces! Unfortunately, it was never me.........
George Bush did it.
All these people who borrowed to the gills a couple of years ago and then took out ARM loans or those interest only loans so they could buy more house than they could actually afford are having to start paying the piper.
The loans were predatory, but George Bush didn't tell people to take out loans like that. No reputable financial person out there that I saw encouraged people to take out loans like that...but folks sure enough did.
I feel for those folks, but you could see it coming a mile away. When I was getting my house, I knew people my age taking out those arm loans because they were assuming they'd only live in their house 5 years. They didn't take into account that the low interest rates would drive the housing prices up and sooner or later the interest rates would go, making it harder to upgrade if you were just able to squeeze into your house in the first place.
Actually I am kind of hoping this might help me get rid of a truly annoying neighbor. They have been a thorn in the side of all their neighbors. They bought five years ago at $190K and have since refinanced four times, the last a few months ago to $425K. As both are on "disability", I don't think they can afford to ride the coming wave. Technically the house is worth it but they have really trashed the place and with the marketing softening in this area, they might be out of luck for their next refi. I feel kind of guilty for this kind of schadenfreude but it would be nice to see them leave.
How can this be? The economy is doing just fabulous and the unemployment numbers are lower than ever before?
Yes, this is sarcasm but I just need to bitch slap the Bots one more time.
Amazing! Even though their foreclosure rates are not the highest, the MOST POPULUS STATES had the most new foreclosures... Stunning!
</sarcasm*>
"Yes, this is sarcasm but I just need to bitch slap the Bots one more time."
Slap them with what? Did you geniuses ever think that with record home-ownership will come record foreclosures? With record car sales come record repos. With I'm supposed to be surprized by that, or even worse, like you, think it reflects negatively on the President? Sorry, not gonna. Thankfully, God put alittle more brains in my head than that.
What is glaringly missing from this report, and your arguement, is whether or not RATES of foreclosure are higher or lower.
Just resist the temptation to refinance every two years and roll your credit cards and a new SUV into the deal. Yada, yada. It's not Bush's fault. Greenspan did it.
Please explain how the taxpayer picks up the tab.
With the exponential rise in property insurance in FL, these numbers make sense. I know several people at work whoa re going to sell their homes because they cannot afford the thrid consecutive doubling of insurance rates. I bought three years ago and insurance was $500. It was just re-adjusted to $2000 per year and my agent told me it will double again before the summer. People making on 11-14 bucks an hour can no longer afford a home where they've lived most of their life. Interest only variable APR loans won't kick people in FL the way the insurance rates will. I'm glad I bought small just in case this happened.
Below are foreclosure market statistics nationwide and by state:
State Name | Q1 | Q2 | Q3 | Q4 | TOTAL | % change from 2004 |
US 2005 | 188,122 | 201,358 | 223,224 | 234,278 | 846,982 | 24.54 |
Alabama | 799 | 1,845 | 958 | 360 | 3,962 | -54.94 |
Alaska | 268 | 420 | 381 | 333 | 1,402 | 24.25 |
Arizona | 5,896 | 7,577 | 7,000 | 6,366 | 26,839 | 7.97 |
Arkansas | 1,806 | 2,998 | 4,303 | 2,143 | 11,250 | 18.66 |
California | 15,887 | 13,504 | 13,768 | 18,404 | 61,563 | 15.84 |
Colorado | 6,779 | 7,862 | 8,470 | 6,519 | 29,630 | -3.83 |
Connecticut | 1,456 | 2,601 | 1,470 | 4,202 | 9,729 | 188.60 |
Delaware | 119 | 113 | 61 | 30 | 323 | -74.79 |
District of Columbia | 10 | 58 | 47 | 40 | 155 | 300.00 |
Florida | 34,651 | 30,812 | 31,829 | 24,551 | 121,843 | -29.15 |
Georgia | 8,388 | 7,841 | 11,203 | 10,881 | 38,313 | 29.72 |
Hawaii | 200 | 211 | 2,634 | 161 | 3,206 | -19.50 |
Idaho | 936 | 684 | 569 | 556 | 2,745 | -40.60 |
Illinois | 12,094 | 11,894 | 12,366 | 10,369 | 46,723 | -14.26 |
Indiana | 7,254 | 7,209 | 7,728 | 8,304 | 30,495 | 14.48 |
Iowa | 466 | 451 | 452 | 735 | 2,104 | 57.73 |
Kansas | 440 | 520 | 414 | 531 | 1,905 | 20.68 |
Kentucky | 1,349 | 1,758 | 1,043 | 819 | 4,969 | -39.29 |
Louisiana | 1,155 | 1,364 | 831 | 496 | 3,846 | -57.06 |
Maine | 50 | 29 | 34 | 26 | 139 | -48.00 |
Maryland | 667 | 881 | 1,692 | 1,448 | 4,688 | 117.09 |
Massachusetts | 616 | 1,165 | 735 | 1,843 | 4,359 | 199.19 |
Michigan | 4,411 | 7,222 | 9,953 | 11,937 | 33,523 | 170.62 |
Minnesota | 486 | 571 | 509 | 676 | 2,242 | 39.10 |
Mississippi | 339 | 850 | 440 | 280 | 1,909 | -17.40 |
Missouri | 2,039 | 2,425 | 2,807 | 3,038 | 10,309 | 49.00 |
Montana | 179 | 179 | 261 | 285 | 904 | 59.22 |
Nebraska | 367 | 303 | 670 | 730 | 2070 | 98.91 |
Nevada | 1,950 | 1,798 | 1,644 | 2,331 | 7,723 | 19.54 |
New Hampshire | 33 | 29 | 49 | 33 | 144 | 0.00 |
New Jersey | 6,482 | 9,165 | 5,991 | 13,487 | 35,125 | 108.07 |
New Mexico | 1,254 | 2,061 | 1,721 | 2,247 | 7,283 | 79.19 |
New York | 5,299 | 9,937 | 9,084 | 12,748 | 37,068 | 140.57 |
North Carolina | 4,170 | 4,194 | 3,466 | 4,086 | 15,916 | -2.01 |
North Dakota | 68 | 53 | 19 | 24 | 164 | -64.71 |
Ohio | 8,547 | 9,901 | 14,961 | 16,435 | 49,844 | 92.29 |
Oklahoma | 3,131 | 3,543 | 3,476 | 3,348 | 13,498 | 6.93 |
Oregon | 2,099 | 1,771 | 1,554 | 1,431 | 6,855 | -31.83 |
Pennsylvania | 5,083 | 7,827 | 7,089 | 8,651 | 28,650 | 70.20 |
Rhode Island | 9 | 18 | 9 | 3 | 39 | -66.67 |
South Carolina | 2,229 | 2,079 | 1,332 | 1,966 | 7,606 | -11.80 |
South Dakota | 55 | 49 | 52 | 41 | 197 | -25.46 |
Tennessee | 4,739 | 5,594 | 8,114 | 6,095 | 24,542 | 28.61 |
Texas | 24,127 | 21,176 | 33,289 | 37,051 | 115,643 | 53.57 |
Utah | 3,484 | 2,749 | 2,775 | 2,528 | 11,536 | -27.44 |
Vermont | 15 | 16 | 11 | 18 | 60 | 20.00 |
Virginia | 380 | 388 | 868 | 956 | 2,592 | 151.58 |
Washington | 4,214 | 4,375 | 3,287 | 2,989 | 14,865 | -29.07 |
West Virginia | 165 | 202 | 425 | 227 | 1,019 | 37.58 |
Wisconsin | 1,434 | 1,036 | 1,247 | 1,404 | 5,121 | -2.09 |
Wyoming | 48 | 50 | 70 | 47 | 215 | -2.08 |
Just read about another old lady getting the shock of her life as her FL home insurance is up to $2000.
Insurance companies will adjust upwards.
Been going on in blue states for years!
Blue States: Spend $400,000 for a single-wide trailer in San Francisco, get shot on your front porch.
Red States: For $175,000 you get a sprawling 4 bedroom ranch, 4 acres, clean air and a great view.
Didn't those cheap loans, in part, account for the booming economy?
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